India’s Forex reserve touches a new lifetime high of $ 409 billion | Current Affairs, Current Affairs 2017

India’s Forex reserve touches a new lifetime high of $ 409 billion

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Scaling new peaks for the consecutive week, the India’s foreign exchange reserves reached a massive $4.444 billion to touch a new life- time high of $409.366 billion in the week to December 29, 2017.
According to a data from RBI, In the previous week, foreign exchange reserves had spurted by $3.53 billion to reach $404.921 billion. The surge was due to a massive spike in foreign currency assets, which is a key component of the reserves. The reserves had crossed the $400-billion mark for the first time in the week to September 8 last year but has since been fluctuating. In the reporting week, the foreign currency assets rose by $4.423 billion to $385.103 billion.

Expressed in the US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.

But, gold reserves remained unchanged at $20.716 billion. The special drawing rights with the International Monetary Fund (IMF) rose by $8.9 million to $1.511 billion. The country’s reserve position with the IMF also increased by $12.1 million to $2.035 billion, the central bank said.

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